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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities Available for Sale

The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows:

 

 

 

June 30, 2022

 

(In Thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

Small Business Administration loan pools

 

$

706

 

 

$

-

 

 

$

(13

)

 

$

693

 

Obligations of state and political subdivisions

 

 

44,389

 

 

 

50

 

 

 

(3,446

)

 

 

40,993

 

Mortgage-backed securities in government-sponsored entities

 

 

46,847

 

 

 

3

 

 

 

(2,780

)

 

 

44,070

 

 

 

$

91,942

 

 

$

53

 

 

$

(6,239

)

 

$

85,756

 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debentures

 

$

9,993

 

 

$

—

 

 

$

(241

)

 

$

9,752

 

Structured mortgage-backed securities

 

 

18,823

 

 

 

-

 

 

 

(285

)

 

 

18,538

 

 

 

$

28,816

 

 

$

—

 

 

$

(526

)

 

$

28,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

(In Thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

Small Business Administration loan pools

 

$

1,099

 

 

$

-

 

 

$

(15

)

 

$

1,084

 

Obligations of state and political subdivisions

 

 

46,115

 

 

 

2,405

 

 

 

(38

)

 

 

48,482

 

Mortgage-backed securities in government-sponsored entities

 

 

54,239

 

 

 

382

 

 

 

(404

)

 

 

54,217

 

 

 

$

101,453

 

 

$

2,787

 

 

$

(457

)

 

$

103,783

 
Summary of Gross Unrealized Losses and Fair Value

The following tables show the Company's gross unrealized losses and fair value, aggregated by investment category and length of time the individual debt securities have been in a continuous unrealized loss position.

 

 

 

 

June 30, 2022

 

 

 

Less Than Twelve Months

 

 

Twelve Months or Greater

 

 

Total

 

(In Thousands)

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Small Business Administration loan pools

 

$

-

 

 

$

-

 

 

$

693

 

 

$

(13

)

 

$

693

 

 

$

(13

)

Obligations of state and political subdivisions

 

 

35,196

 

 

 

(3,326

)

 

 

313

 

 

 

(120

)

 

 

35,509

 

 

 

(3,446

)

Mortgage-backed securities in government-sponsored entities

 

 

32,614

 

 

 

(1,808

)

 

 

10,603

 

 

 

(972

)

 

 

43,217

 

 

 

(2,780

)

 

 

$

67,810

 

 

$

(5,134

)

 

$

11,609

 

 

$

(1,105

)

 

$

79,419

 

 

$

(6,239

)

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debentures

 

$

9,752

 

 

$

(241

)

 

$

-

 

 

$

-

 

 

$

9,752

 

 

$

(241

)

Structured mortgage-backed securities

 

 

18,538

 

 

 

(285

)

 

 

-

 

 

 

-

 

 

 

18,538

 

 

 

(285

)

 

 

$

28,290

 

 

$

(526

)

 

$

—

 

 

$

—

 

 

$

28,290

 

 

$

(526

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

Less Than Twelve Months

 

 

Twelve Months or Greater

 

 

Total

 

(In Thousands)

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Small Business Administration loan pools

 

$

-

 

 

$

-

 

 

$

1,084

 

 

$

(15

)

 

$

1,084

 

 

$

(15

)

Obligations of state and political subdivisions

 

 

3,189

 

 

 

(38

)

 

 

-

 

 

 

-

 

 

 

3,189

 

 

 

(38

)

Mortgage-backed securities in government-sponsored entities

 

 

23,420

 

 

 

(266

)

 

 

4,687

 

 

 

(102

)

 

 

28,107

 

 

 

(368

)

 

 

$

26,609

 

 

$

(304

)

 

$

5,771

 

 

$

(117

)

 

$

32,380

 

 

$

(421

)
Summary of Amortized Cost and Fair Value by Contractual Maturity

As of June 30, 2022, amortized cost and fair value by contractual maturity, where applicable, are shown below. Actual maturities may differ from contractual maturities because the borrower may have the right to prepay obligations with or without penalty.

 

 

 

Available for Sale Securities

 

 

Held to Maturity Securities

 

(In Thousands)

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

Due within one year

 

$

95

 

 

$

95

 

 

$

-

 

 

$

-

 

Due after one year through five years

 

 

5,554

 

 

 

5,535

 

 

 

3,000

 

 

 

2,965

 

Due after five years through ten years

 

 

11,983

 

 

 

11,532

 

 

 

6,993

 

 

 

6,787

 

Due after ten years

 

 

29,872

 

 

 

26,757

 

 

 

-

 

 

 

-

 

Mortgage-backed securities and Collateralized Mortgage Obligations

 

 

44,438

 

 

 

41,837

 

 

 

18,823

 

 

 

18,538

 

 

 

$

91,942

 

 

$

85,756

 

 

$

28,816

 

 

$

28,290

 
Schedule of Realized Gain (Loss)

The following table summarizes sales of debt securities for the three and six months ended June 30, 2022. There were no sales of debt securities for the three and six months ended June 30, 2021.

 

 

 

 

 

 

 

 

 

 

(In Thousands)

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2022

 

 

2022

 

 Proceeds

 

 $

 

—

 

 

 $

 

513

 

 Gross gains

 

 

 

—

 

 

 

 

13

 

 Gross losses

 

 

 

—

 

 

 

 

—

 

 Net gain

 

 $

 

—

 

 

 $

 

13